Dec, 31, 2023 — TOWER FEDERAL CREDIT UNION is a federal credit union headquartered in LAUREL, MD with 18 branch locations and about $4.45 billion in total assets. Opened 71 years ago in 1953, TOWER FEDERAL CREDIT UNION has about 222,061 members and employs 602 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | TOWER FEDERAL CREDIT UNION |
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Address: (Main Office) | 7901 Sandy Spring Rd LAUREL, MD 20707 |
Phone: | (301) 497-7000 |
Fax: | (301) 497-8933 |
Website: | https://towerfcu.org |
Branches: | 18 branch locations |
Members: | 222,061 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 8333 |
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Membership Type: | Multiple common bond - Primarily federal, state, local government |
Corporate Credit Union: | No |
Year Opened: | 1953 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $4,451,861,578 |
CEO/Manager: | Richard W Stafford |
Chairperson: | Arland A White, Jr |
ASSETS: | $ Amount |
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Cash & Equivalents | 527,274,472 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 2,282,081 |
Real Estate Loans | 2,235,385,966 |
Unsecured Loans | 230,229,818 |
Other Loans | 813,447,834 |
TOTAL LOANS | 3,279,063,618 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -33,922,091 |
Land And Building | 31,883,104 |
Other Fixed Assets | 13,860,457 |
NCUSIF Deposit | 33,696,779 |
All Other Assets | 1,412,653 |
TOTAL ASSETS | 4,451,861,578 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 2,620,467 |
Notes & Interest Payable | 200,000,000 |
Accounts Payable & Other Liabilities | 31,977,162 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 654,292,704 |
Regular shares | 1,790,004,834 |
All Other Shares & Deposits | 1,290,149,879 |
TOTAL SHARES & DEPOSITS | 3,734,447,416 |
TOTAL LIABILITIES | 3,969,045,045 |
Regular Reserve | 0 |
Other Reserves | -82,627,068 |
Undivided Earnings | 565,443,601 |
TOTAL EQUITY | 482,816,533 |
TOTAL LIABILITIES, SHARES, & EQUITY | 4,451,861,578 |
INCOME & EXPENSE | |
Loan Income | 167,411,470 |
Investment Income | 27,547,073 |
Other Income | 11,747,143 |
Total Employee Compensation & Benefits | 67,506,648 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 45,225,762 |
Non-operating Income & (Expense) | -78,851 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,926,195 |
Cost of Funds | 56,282,324 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 50,641,901 |
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